[Edaily Marketin Song Seung-Hyeon Reporter] Able Games, the developer of the idle game “Maple Raising,” is emerging as a focus of interest in the investment industry. Given that the company’s valuation has skyrocketed overnight thanks to a single hit title, some observers are even calling it the “next ShiftUp.”\

According to the investment banking (IB) industry on the 26th, there have recently been signs that multiple venture capital (VC) and private equity fund (PEF) managers are exploring the acquisition of existing shares in Able Games. The valuation being discussed in the market is around 600 billion won. However, it is reported that neither the company nor its existing shareholders are willing to sell their stakes.

The game that drove up the valuation is “Maple Raising,” released on November 6 of last year. Developed jointly with Nexon using Nexon’s “MapleStory” intellectual property (IP), this idle role-playing game (RPG) topped the revenue charts on both Google Play and the Apple App Store immediately after its launch. According to Nexon, in its first month after launch, the game recorded a peak of approximately 570,000 daily active users (DAU) and approximately 140,000 concurrent users, with these figures rising even higher in December. Just two months after launch, it surpassed 3 million cumulative global users, and in March of this year, it launched a PC cross-platform version.

These achievements are also reflected in the financial performance of Nexon, the IP holder. Nexon announced that, driven by the success of “Raising Maple” and “Mabinogi Mobile,” revenue from IP-based mobile games over the past year increased by approximately 200% compared to the previous year. Consequently, “Raising Maple” is regarded as a prime example of how reinterpreting an original IP as an idle game has successfully attracted new users.

Able Games was founded in 2021 by four developers. Its debut title, “Raising the Moon Rabbit,” established itself by generating 8 billion won in revenue within just one year of launch, and the company currently employs around 110 people. It has not attracted any external financial investors (FIs). This is why the market continues to see strong demand to buy the company but no supply from sellers.

The market is drawing parallels to ShiftUp. Following the success of “Goddess of Victory: NIKKE” in 2022, ShiftUp’s valuation was reassessed, and it was recognized with a market capitalization in the 4 trillion won range at the time of its IPO in July 2024. The argument is that Able Games’ current situation mirrors ShiftUp’s, as the company’s valuation diverged sharply before and after the hit game’s release. However, some argue that a direct comparison is difficult because ShiftUp achieved success with its own IP, whereas Able Games relies on IP licensed from Nexon.

The market, however, sees a stronger resemblance to Lionheart Studio, which was valued in the trillions based on a single hit title. Kakao Games acquired an additional 30.37% stake in Lionheart Studio—the developer of “Odin: Valhalla Rising”—for approximately 1.20407 trillion won, bringing its total stake to 54.95% when combined with its existing holdings. Applying the acquisition price per share to the total number of shares at that time, the company’s total value is estimated at 3.9641 trillion won. This transaction demonstrates just how high a developer’s valuation can rise once the staying power of a hit title is confirmed.

The key lies in their next title. Able Games is currently developing “Crescent,” a subculture-themed collectible RPG based on its own IP. Observers note that if this new title performs well, it could shed the label of being dependent on Nexon’s IP and fundamentally change the basis for the company’s valuation. Industry insiders are even predicting that if the next title also becomes a hit, the company’s valuation could instantly jump to the “trillion” level.

A venture capital (VC) executive stated, “They’ve proven their success with ‘Maple Grow,’ and since there aren’t even any companies on the market right now, quite a few firms are reaching out in advance,” adding, “There’s also speculation that if their next title is a hit, the company could be valued in the trillions, just like ShiftUp.”